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I can't really think of anything Microsoft could do to WMP (that wasn't absolutely braindead, like removing MP3 ripping support) that would be congruent with monopoly abuse.

Adding, for example, Zune functionality allowing you to buy music online and sync with a Windows Phone 7 device could easily be construed as leveraging Windows on the PC to gain marketshare in the phone and music space. It's probably harder to think of features you could add to WMP that wouldn't raise an eyebrow than it is the other way around.